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Norway’s $1trillion sovereign wealth fund has been bulking up on stocks that got hammered during March’s historic market decline, adding to stakes in companies such as Carnival Corp. and Royal Dutch Shell Plc.

The fund has acquired holdings of 5% or more in seven U.S.-traded companies since mid-March, according to filings by Oslo-based Norges Bank. The list includes Australian mining giant BHP Group Ltd. and Liberty Broadband Corp. as well as Shell, where the Norwegian fund doubled its holding.